Hitch in your home-buying?

Your heart and mind is all set on a particular house. The deal is almost done. And when you go to pay the token amount, the seller suddenly does a turnabout. A lot of things can go wrong even after you find the home you want. It is better to be prepared for some common obstacles that most homebuyers face.

Seller has second thoughts: If lady luck has decided to not smile on you, then this is one of the worst obstacles that you may come across during home-buying. Sellers are known to wait and juggle their options.

Even if you have finalised the deal, there are chances that the seller will take up a higher offer if someone else approaches him if you guys haven't signed on the dotted line. Or the seller sees chances of redevelopment and decides to wait out.

Solution: There's nothing really that you can do besides using your charm. Make sure the seller is genuine by making enquiries with the broker or the neighbours etc. Also register the deal immediately after you book the flat so that there is no room for second thoughts.

Less loan eligibility: With banks vying to offer home loans, the general perception is that it is very easy to get one. However, imagine getting only 80 per cent loan sanctioned when you assume that it'll be 90 per cent at least! This nightmare can put you out of your sleep for days or months.u00a0

Solution: It is always best to determine your loan eligibility before you seal a deal. Go to the bank you wish to take the loan from and check how much loan will be sanctioned. Also, check whether the property you plan to buy will get loan approval or not. If you still fall in the trap, scrounge money from friends and family.

Lose portion of finance: Unseen and unplanned situations arise when you specially don't want them to. Home-buying is one such time when a tilt in your financial status can spell danger. A job loss or a personal crisis that demands monetary help can leave you at your wits end.u00a0

Solution: Plan ahead and prepare yourself for such crisis situations. Put a lumpsum amount aside, maybe in fixed deposit, so that your hands are not completely tied.

Misplaced documents: Lack of relevant documents can halt your home-buying process or delay it infinitely. Especially if you plan to sell your present flat to horde money for the new one, you need all the documents in place so that you can sell it without a hitch.u00a0

Solution: The moment you think of buying a new place, check whether all the relevant documents are in place or not. If not, start the process of collecting them. Perseverance is your only help.

Hear rumours: Hearing rumours like the flat's vastu is not good or the flat has a sad history behind it can prove like a pinprick in your joyous balloon. And it can hurt badly if you have already invested in it, even if it's in part.u00a0

Solution: It is for you to decide what you want to believe and what you wish to ignore. Doubts can dampen your enthusiasm for the house. Clear them and only then move in.